Belarusian President Alexander Lukashenko has signed a new order that strengthens the country’s regulatory framework for cryptocurrencies. The action would enable the Belarus High-Tech Park (HTP), which administers the country’s crypto industry, to develop a registry of crypto wallet addresses that are or can be used for illegal reasons.
According to an announcement from the president’s press service, the purpose of the decree is to “protect participants in the digital asset market from property damage and to avoid unintended participation in activities banned by law.”
The government of Lukashenko also emphasised that:
Belarus is continually improving the legal framework for regulating digital asset activity. Unlike many other countries which permit the unrestricted circulation of digital currencies.
Belarusian officials feel that it is important to “continuously monitor the current of the situation” and, when needed, “supplementing and clarifying regulatory rules.” This includes attempts to prevent the financing of illegal operations, which was the primary basis for the newest crypto decree’s approval. The regulation also establishes mechanisms for authorities to confiscate cryptocurrency assets with the assistance of corporations that operate exchanges and other crypto platforms.
Cryptocurrencies cannot be used for payment in the nation till now. According to Chainalysis’ Crypto Adoption Index, Belarus ranks third in Eastern Europe in terms of crypto adoption, owing mostly to significant peer-to-peer activity.